KWSG targets N2b micro-credit loan from CBN

Date: 2014-08-28

The Kwara State Government is sets to access N2 billion from the Central Bank of Nigeria (CBN) N220billion micro-credit funds to fund small and medium-scale enterprises (SMEs), according to Senior Special Assistant to Governor Abdulfatah Ahmed on SMEs, Lukman Adams.

 Speaking on Wednesday in Ilorin, at a public/private dialogue organsied by Kwara Coalition of Business and Professional Associations (KWACOBPA), Adams said the state governor had signed a Memorandum of Understanding with the CBN on the scheme, saying that the credit facility would aid growth of the SMEs sector and boost state’s economy.

He said that the loan guaranteed by Irrevocable Special Payment Order (ISPO) would be managed by a special purpose vehicle (SPV) to be established by the state government to guard against mismanagement.   

On the importance of the private sector, he said the feature of Nigeria is in the hand of the sector stressing that no economy can grow without the sector being at the forefront.

He said that "when there is a preponderance of the private sector in any economy there can't be chaos but when it is preponderance of the public sector there will be chaos.”

Adams who commended the KWACOBPA on the steps it is taking on demand for earmarking, by law, one per cent of the state budget as micro-credit fund for the SMEs assured that the government would not be indifferent to the demand.   

Earlier, chairman of the KWACOBPA, Hezekiah Adediji said the association is presenting to the state House Assembly a bill on the earmarking of one per cent of the budget for the SMEs to ensure that the scheme as a legislative backing that will make a permanent feature of the state administration regardless of the party in power.

Chief Adediji added that the scheme would increase business activities which will in turn translate into more employment, reduction of crime rate and increased revenue for development of the state.

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Ndama Al-hassan     Abdulkadir Akanbi-Oke     VADA     Baruba     Ishak Mohammed Sabi     Ishola Abdullahi     Oke-Oyi     Fatai Garuba Labaka     Muhammed Abdullahi     Alabe     Association Of Kwara State Online Media Practitioners     Nigeria Computer Society     Atiku Abubakar     KWAFFA     Oluranti Idowu     Adamu Atta     Offa Descendants Union     Lawyers Unite Against Corruption     Olayinka Olaogun     Iyabo Adisa Ibiyeye     Local Government Pension Board     Baba Issa Awoye     Mahe Abdulkadir     Olatunde Olukoya     Sidikat Akaje     CUTI     Yahaya Abdulkareem Babaita     Bola Tinubu     Yomi Ogunsola     Onilorin     Abdullahi Atanda     Ajasse-Ipo     Laduba     Abdulrazaq Akorede     Presidential Election     Bibire Ajape     Sanusi Abubakar     Okiki     Olatunji Ibrahim     Abdulkadir Jimoh     Soffiyyallah Kamaldeen     Kwara Volleyball Association     AbdulRahman Saad     Owo Isowo     Bayer AG     UNILORIN Alumni     Okin Group     Jani Ibrahim     Ilorin Curfew     NTA Ilorin     Ayedun     Post Utme     KWASIEC     Curfew     ENetSuD     Freshvine Nigeria Limited     Ilorin Central Mosque     Mahmud Ayinla Giwa     Chief Imam Of Ilorin     Fatai Adeniyi Garba     EFCC     Assayomo     Wole Oke     Code Of Conduct Bureau     Musibau Akanji     Abraham Ojo     Sidikat Uthman Ajibola     Saliu Alamoyo     Akorede     Odo-Owa     Lanre Issa-Onilu     Mufti Of Ilorin     Lawal Olohungbebe     Ibrahim Bio     Aliyu Adebayo     AbdulRazaq Jiddah     Awodun    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Omotoso Musa     Oniyangi Kunle Sulaiman     Ajibola Saliu Ajia     Code Of Conduct Tribunal     Sunday Popo-Ola     Shuaib Olarongbe     Abdulkadir Orire     Sabitiyu Grillo     Ayinde Oyepitan     Yusuf Lawal     Face Masks     Saidu Isa     Muideen Olaniyi Alalade     Maryam Ado Bayero     HICA     Lafia Aliyu Korasabi     Alaaya     Ilorin Like-Minds     Michael Nzwekwe     Balogin Alanamu     Tunde Mukaila Mustapha     Abdulfatah Ahmed     Tescom.kwarastate.gov.ng     LEAH Charity Foundation     SSA Youth     11th Galadima     NAWOJ     Adedeji Onimago     Balogun Fulani     Oke-Oyi     Ahman Pategi University     Alapansapa     Centre For Peace And Strategic Studies     Tayo Awodiji     Ghali Alaaya     Isa Aremu     Volunteers Of Ilorin Community And The Emirate     All Confederation Of Principals Of Secondary Schools     Rotimi Samuel Olujide     Geri-Alimi Split Diamond Interchange     Olatunde Olukoya     Doyin Agbamu     IHS     George Funsho Adebayo     Cassava Growers\' Association     Wahab Agbaje     Olubukola Kifayat Adedeji     Yusuf Ibitokun Sherifat     Olatunji Bamgbola     Alapado     Temi Kolawole     AbdulGafar Tosho     Jumoke Gafar     Erubu Oba Zubair     Ashiru     Jani Ibrahim     Awoye     Kola Adesina     Kwara State Television     Muhammed Aliyu     Sardauna Of Ilorin     Sola Saraki Educational Foundation     Adolescent Girls Initiative For Learning And Empowerment     Oba Abdulrahim     Baruba     Bank Of Industry     SSA Youth Engagement     KWACOBPA     Rice Farmers Association Of Nigeria     Ajibola Ademola Julius     Usman Rifun     Bukola Saraki     Sheriff Olanrewaju     Abdulrazak Shehu Akorede     Agboola Abdulraheem     Adewuyi Funmilayo     Toyin Saraki